Skills to Start Your Own Business

Video from our FREE Online Business Course
http://www.myownbusiness.org
Session 1 - Evaluating Business Potential

Question:
"You have some wonderful credentials including being a CPA, an MBA and being president of a large company. Were these credentials helpful to you when you purchased your own business?"
Maureen Costello
Wholesale Distributor

Topics covered in this video:
Business credentials, skills, experience, mistakes, employees, hiring, budgeting

Transcript:
Very much. One of the things I learned over the years is that for anybody to be successful in any role you have to have ability to begin with and then you need education and training and experience and probably most of all the willingness to do whatever it is the function is that you are going to take on. My educational experience certainly helped prepare me because it gave me an overview of what kinds of things happen in a business and I got some basic accounting skills which are really critical to a business. That's probably the lifeblood of a business; making sure you have cash and that you know how the cash is coming in and going out. But the experience is invaluable and everybody is going to make mistakes in life, in the job.

Your employees are going to make mistakes. You can't expect them to be perfect. Those mistakes are going to cost you money and you almost have to budget for that. I was able to make my mistakes on somebody else's dime which was probably good for me, maybe not so good for them, but that is part of the cost of doing business. Now you as the owner of a business are going to have to accept the fact that when you bring somebody in new, part of the cost of hiring a new employee and training them is that they are going to make mistakes that cost you money and you may as well budget for it. But I had the opportunity to make those mistakes before I bought a business and that prevented me from making a lot of mistakes after I purchased the business.

Category:

Education

Tags:

• Start
• starting
• business
• home
• advice
• opportunity
• mistakes
• entrepreneur
• questions
• course
• tips
• how
• to
• credentials
• skills
• experience
• employees
• hiring
• budget

[raveedriaz]

nice man i like it